FIRST TIME BUYERS
First time buyer mortgages
Buying your first home is exciting, and full of new words, rules and decisions. We explain everything in plain language, search the whole market for your first time buyer mortgage, and stay with you from your first question to the day you get the keys.
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How much deposit do you need?
Less than you might think. First time buyer mortgage options have opened up a lot, and some lenders now accept very small deposits, or none at all.
No deposit (100% mortgages)
For renters who can show 12 months of on-time rent payments and a clean credit history. No savings needed for the deposit.
£5,000 or 1% deposit
Some lenders accept a flat £5,000 deposit, or a 1% deposit with a £5,000 minimum, so you can buy sooner instead of saving for years.
2% deposit (minimum £10,000)
98% mortgages for first time buyers, designed for people with a small deposit but good income and credit.
5% deposit
The widest choice of low-deposit lenders, supported by the government-backed Freedom to Buy scheme for 95% mortgages.
A low or no deposit first time buyer mortgage comes with stricter criteria, such as income, credit history, property type and price limits, and usually higher rates. A bigger deposit opens up more lenders and better rates.
Other ways to get a first time buyer mortgage
Gifted deposits
Family, and with some lenders even a friend, can gift you all or part of your deposit. Lenders need a signed gift letter and proof of where the money came from.
Lifetime ISA
Save up to £4,000 a year and get a 25% government bonus, up to £1,000 a year, towards a first home costing up to £450,000.
Shared ownership
Buy a share of a home and pay rent on the rest. A smaller mortgage and deposit, with the option to buy more later.
Joint mortgages
Buy with a partner, friend or family member and combine your incomes to borrow more.
Joint borrower sole proprietor
A family member, or with some lenders a friend, joins the mortgage to boost what you can borrow, but only you own the home, which can help protect your first time buyer stamp duty relief.
Family boost mortgages
Family savings or property are used as security instead of a deposit, so you can borrow more with little or nothing down.
Stamp duty for first time buyers
In England, first time buyers pay no stamp duty up to £300,000. Between £300,001 and £500,000 you pay 5% on the part above £300,000. Above £500,000 the first time buyer relief doesn't apply and standard rates are charged.
Your first time buyer mortgage, step by step
1. Free chat: we look at your income, deposit and plans
2. Agreement in principle, so sellers and agents take you seriously
3. Find your home and have your offer accepted
4. Full mortgage application and valuation
5. Mortgage offer, solicitors and exchange
6. Completion: you get the keys 🔑
What you'll need for a first time buyer mortgage
✓ Photo ID and proof of address
✓ Last 3 months' payslips
✓ Last 3 months' bank statements
✓ Proof of your deposit
✓ Rent statements, for 100% mortgages
✓ If self-employed: tax calculations and tax year overviews
How we help first time buyers
We compare first time buyer mortgage deals from across the market, including the low and no deposit options most people have never heard of, and tell you honestly how much you can borrow before you start viewing. We chase lenders, agents and solicitors for you, and we'll talk you through protecting your new home and income too. Prefer to talk in Lithuanian or Russian? Just ask.
CLIENT STORY
A £300,000 family home with a £5,000 deposit
A family of four came to us. Both parents worked full time, but with two school-aged children, after-school clubs and everyday costs, saving a big deposit felt impossible. They had £8,000 put aside and thought buying was years away.
They didn't even know a £5,000 deposit mortgage existed. We found the right lender, and they bought a £300,000 home with just £5,000 down, using the rest of their savings for solicitor fees and other buying costs.
Every case is different. All mortgages are subject to lender criteria and affordability.
First time buyer mortgage FAQs
Can I get a first time buyer mortgage with no deposit?
Yes. Some lenders offer 100% mortgages to renters with 12 months of on-time rent payments and clean credit. Others accept a £5,000 deposit, a 1% deposit (minimum £5,000) or a 2% deposit (minimum £10,000). Criteria are stricter, so it's worth getting advice first.
Can someone help me get a mortgage without owning the home?
Yes. With a joint borrower sole proprietor mortgage, a family member's income, or with some lenders a friend's, is added to the application so you can borrow more, but only your name goes on the deeds. They share responsibility for the repayments, so they should get independent legal advice.
Can a friend gift me my deposit?
With some lenders, yes. Gifts from parents and close family are accepted most widely, but a growing number of lenders also accept gifts from friends, as long as it's a genuine gift and not a loan.
How much can I borrow as a first time buyer?
Most lenders offer around 4 to 4.5 times your income, and some go higher for certain professions or higher earners. Your outgoings, credit and deposit all affect the final figure.
What other costs should I budget for?
Solicitor fees, a survey, any stamp duty, moving costs and sometimes lender fees. We'll go through the full picture with you so there are no surprises.
Can I get a first time buyer mortgage if I'm self-employed?
Yes. Many lenders accept one or two years of accounts or tax returns. See our self employed mortgages page.
Can I get a first time buyer mortgage with bad credit?
It doesn't automatically mean no. Read about adverse credit mortgages and the lenders that can still help.
Check the latest rules on the GOV.UK stamp duty guide.
Your home may be repossessed if you do not keep up repayments on your mortgage.
BOOK YOUR FREE CONSULTATION
Ready to buy your first home?
Find out how much you could borrow, how small your deposit could be and what your monthly payments might look like, before you fall in love with a property.
Free 30-minute consultation
✓ Pick a time that suits you
✓ Phone or video call
✓ No obligation to proceed
✓ Kalbame lietuviškai · Говорим по-русски